Fleming welcomes new CFO and COO

Fleming welcomes new CFO and COO | Insurance Business America

Insurance News

Fleming welcomes new CFO and COO

He brings more than three decades of expertise to the dual role

Insurance News

By
Kenneth Araullo

Fleming Insurance Holdings announced the appointment of Michael Garceau (pictured above) as the company’s new chief financial officer and chief operating officer.

As per a news release, Fleming highlighted Garceau’s role as central to facilitating the company’s growth in technology and artificial intelligence.

Garceau brings 30 years of industry experience to Fleming. He previously founded the Garceau Agency, supported by Goosehead Insurance, to provide affordable insurance in Connecticut and Massachusetts. Before that, he founded Apogee Properties, a startup with a diverse portfolio of commercial and residential real estate.

Garceau expressed enthusiasm about joining Fleming.

“As a professional who looks to creative and bespoke solutions, I see immense value in the team’s cutting-edge machine learning and artificial intelligence programs to further Fleming’s capabilities and pave the way for technology in the reinsurance industry,” Garceau said.

Eric Haller, chief executive officer of Fleming, noted Garceau’s success as an executive and entrepreneur.

“Over the years, Michael has distinguished himself as a successful executive and entrepreneur, creating operating models across financial operations and claims to find solutions for clients and businesses. We are thrilled to have him as a part of the Fleming team to expand our operational capabilities and support our expansion,” Haller said.

In April, and following a short saga between buyer and seller, James River Group announced the completion of the sale of its subsidiary, JRG Reinsurance Company (JRG Re), to Fleming Intermediate Holdings for the previously agreed upon terms of $277 million.

“We are pleased to have successfully completed our sale of JRG Re to Fleming in accordance with the Stock Purchase Agreement that the parties negotiated together and executed on November 8, 2023. James River will continue to focus its resources on its core US insurance businesses where we have meaningful scale, including our E&S and fronting businesses,” James River CEO Frank D’Orazio said.

What are your thoughts on this story? Please feel free to share your comments below.